A Depository Institution That Is Owned by Its Depositors, Who

question 61

Multiple Choice

A depository institution that is owned by its depositors, who are often members of a common organization or association, such as an occupation, a religious group, or a community, is called a(an) _____. 

• A)underwriting syndicate
• B)mutual fund
• C)investment bank
• D)credit union
• E)commercial bank

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Definitions:

Hourly Rate

A fixed amount of money paid for each hour of work performed.

Biweekly Pay

A payment structure where employees receive wages every two weeks, often resulting in 26 pay periods per year.

Percentage Calculation

The mathematical process of finding a part of a number in terms of 100.

Commission Rate

The percentage or fixed fee that is charged as commission for performing a service or transaction.